Executive Summary
USDT's APY fell to 2.5% versus a 2.87% 30-day average, with TVL outflow on $189B of float. PSI still prints 95.4 BEDROCK while the Bank Run Gauge sits at -31.3. If USDA widens past 150 bps, the chronic shelf gets longer.
USDT's APY has fallen to 2.5%, against a 30-day average of 2.87% and a 7-day of 2.59%, with TVL outflow flagged on a $189.64B float. The largest stablecoin paying below its own recent trend is the kind of fact that gets noticed at scale; a 37 basis-point gap on $189B is real money, not a rounding error.
DEWS pushed five coins across band thresholds in 24 hours, with ALUSD jumping WATCH to ALERT on mint/burn flow as its peg widened to 282 bps. USAT's liquidity score collapsed 53 to 39 on $153M of float; satUSD moved the other way, 17 to 28, on a TVL doubling from $1.05M to $2.89M. Nine coins now sit at ALERT or above.
PSI reads 95.4 for a 32nd consecutive BEDROCK day, against a Bank Run Gauge that flipped to -31.3 CAUTIOUS as USD1 burned $49.98M and ethereum chains netted $2.37B out. The regime frame says calm; the flows say the mint side is bleeding. If USDA's 109 bps slip widens to 150 bps next session, the chronic depeg shelf gets a new resident.